The “Employees Cooperative Societies Surety Loan” scheme, launched by the Co-operation, Food and Consumer Protection Department, Tamil Nadu, is designed to provide financial support to eligible citizens. Under this scheme, eligible members of Employees Cooperative Societies can access surety loans of up to ₹1,50,000 at an interest rate of 14% (subject to change). The objective is to ease financial burdens and empower individuals by offering timely loans through a cooperative mechanism.
Benefits
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Access to Loan:
Eligible applicants can secure surety loans up to ₹1,50,000. -
Attractive Interest Rate:
The loans are offered at an interest rate of 14% per annum (subject to change), ensuring a straightforward borrowing process.
Eligibility
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Residency:
The beneficiary must be a resident of Tamil Nadu. -
Membership:
The beneficiary should be a member of an Employees Cooperative Society. -
Interest in Loan:
The beneficiary must be interested in availing the Employees Cooperative Societies Surety Loan.
Application Process
Offline Process:
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Form Collection:
Contact the Secretary or Special Officer of the Employees Cooperative Society to collect the application form. -
Form Completion:
Complete the application form by filling in all mandatory fields, affix a passport-sized photograph (signed across, if required), and attach self-attested copies of all necessary documents. -
Submission:
Submit the duly filled and signed application form along with the documents to the concerned authority. -
Acknowledgment:
Request a receipt or acknowledgment that includes essential details such as the date, time of submission, and a unique identification number (if applicable).
Documents Required
- Identity proof (e.g., Aadhaar Card, PAN Card)
- Address proof
- Proof of employment or Income Certificate (if applicable)
- Any other documents as required by the scheme guidelines
Frequently Asked Questions
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What is the objective of this scheme?
To provide financial support through interest-free or low-interest loans to eligible members of Employees Cooperative Societies in Tamil Nadu. -
What is the maximum loan amount available under the scheme?
Up to ₹1,50,000 can be availed. -
What is the current rate of interest?
The loan is offered at an interest rate of 14% per annum (subject to change). -
Who sponsors the scheme?
The scheme is sponsored by the Co-operation, Food and Consumer Protection Department, Tamil Nadu. -
Who is eligible to avail of this scheme?
The beneficiary must be a resident of Tamil Nadu and a member of an Employees Cooperative Society. -
Is there any income limit for eligibility?
The scheme does not explicitly mention an income limit. -
What is the duration for loan repayment?
The scheme guidelines do not specify the repayment duration; interested applicants should refer to the detailed policy for repayment terms. -
Is there any age restriction for applying?
No specific age restriction is mentioned in the guidelines. -
How can an applicant apply for the loan?
Applicants must collect and submit the application form offline by contacting the relevant official in their Employees Cooperative Society. -
Are there any restrictions based on community or caste?
There are no community or caste-specific restrictions mentioned; the scheme is open to all members of Employees Cooperative Societies in Tamil Nadu.